Thursday Morning Iraq Economy News Highlights 1-12-23

Thursday Morning Iraq Economy News Highlights 1-12-23

Deputy: The Dollar Is Constantly Increasing And Signatures Have Been Collected To Change The Exchange Rate

Sumerian special   2023-01-11 | 13:45  Source:  Alsumaria News  8,741 views  A member of the Legal Committee for the State of Law Coalition, MP Aref Al-Hamami, confirmed today, Wednesday, that the exchange rates of the dollar are constantly increasing, while he referred to collecting parliamentary signatures to change the exchange rate.

Al-Hamami said, during his speech to the program "Bel Mukhtaz" broadcast by Alsumaria TV, that "the state of law has objected since the decision was taken regarding the rise in dollar prices, as it is an unfair step on the poor and marginalized classes," noting that "100 parliamentary signatures were gathered to change the exchange rate because the new government drew A citizens' policy in which it confirmed changing prices, but it did not do so.

He added, "On the Prime Minister Mohamed Shiaa Al-Sudani Taking steps opposite to the dollar’s ​​rise,” adding: “We hope that there will be diplomatic steps with the US government that have a role in addressing prices. ” Al- Hamami explained that “the dollar is on a continuous gradual increase and could reach 170 in the absence of new studied steps to control prices.” This matter," stressing that "prices are not controlled until now."

He continued: "Parliamentary committees began the discussion in order to raise the issue of the rise in dollar prices to the Presidency of Parliament in the first sessions after the legislative recess."  LINK

Iraqis Have Lost 32% Of Their Salary Value, And The Currency Is Collapsing.. The Doctors Syndicate Calls For 4 Urgent Solutions

2023-01-11   Yes Iraq: Baghdad   Today, Wednesday, the Iraqi Medical Association - Basra branch called for 4 urgent solutions to be taken after the collapse of the value of the Iraqi dinar and the decline in the value of the citizen's income by 32% as a result of the rise in the dollar, stressing that the situation may stop citizens from paying the advances they owe.

The union said in a statement received by “Yas Iraq”, that “our union is monitoring the deterioration of the economic conditions associated with inflation due to the high exchange rate of the dollar and the decline in the purchasing power of citizens due to the high prices of consumer goods.”

The statement added, “The inflation in the prices of imported goods in dollars at the beginning of this year has reached 10% compared to 2021, but when compared to 2019, the inflation in imported goods in dollars amounted to 32%.”

And he pointed out that “as for the earnings and the workers, the damage is the same, in addition to their harm as a result of the economic recession and the delay in economic activity by capital, investors and contractors as a result of their reconsideration and delay before entering into business and deals due to the difference in costs and economic feasibility, taking into account that the economic situation Citizens may be warned not to pay the installments of the advances that they obtained earlier.”

The statement added: “We believe that the government should take urgent economic and control measures to protect citizens, in a manner commensurate with the high cost of living and the collapse of the value of the Iraqi dinar, the most important of which are:

1- Launching the distribution of basic materials in the ration card to support citizens urgently.

2- Amending the current salary scale and increasing it by no less than 25% of the employee's total salary, in line with the purchasing power lost by the Iraqi dinar.

3- Disbursement of the cost-of-living allowance amounts to families covered by social security and protection, retirees, and families covered by the ration card.

4- Imposing the pricing of medicines and supplies in Iraqi dinars, provided that the government bears paying the difference in exchange rate changes instead of charging the citizen with additional costs.

He stressed that "the continuation of inflation and economic deterioration portends dire consequences for the social and health reality of citizens, and urgent decisions must be taken to address its negative effects."   LINK

Deputy: The Rise In The Exchange Rate Of The Dollar Led To A Decrease In The Income Of Employees And Harm To Workers And Earners

Posted On2023-01-12 By Sotaliraq   Representative Mustafa Jabbar Sanad affirmed, on Tuesday, that the rise in the exchange rates of the dollar led to a decrease in the income of employees and harmed workers and earners.

Sanad said in a statement, "The exchange rates for today amounted to 162 thousand Iraqi dinars for every 100 dollars purchased, and thus the inflation in the imported price in dollars for this year is 10% compared to 2021, but when compared to 2019, the inflation in imported goods in dollars amounted to 32%."

And the statement added, “Inflation means the rise in the commodity compared to its previous price, and this means a decrease in the employee’s income by 32% without realizing it. business because of the different costs and economic feasibility.

Sanad concluded by saying: “All this is under the watch of the leaders of the political blocs, the prime minister and the governor of the central bank.”

And the exchange rates of the US dollar rose against the Iraqi dinar, today, Tuesday, on the main stock exchange in the capital, Baghdad, and in the Kurdistan Region

Shafaq News agency reporter said that the Al-Kifah and Al-Harithiya Central Stock Exchange in Baghdad recorded 160,300 Iraqi dinars for 100 US dollars this morning.

The buying and selling prices rose in exchange shops in the local markets in Baghdad, where the selling price reached 160,500 Iraqi dinars per 100 US dollars, while the purchase price reached 159,500 Iraqi dinars per 100 US dollars.

In Erbil, the capital of the Kurdistan Region, the price of the dollar in the stock exchange also recorded an increase, as the selling price of the dollar reached 160,000 dinars per 100 US dollars, and the purchase price reached 159,950 dinars per 100 US dollars.   LINK

Finance Kurdistan Parliament Denies The Arrival Of 400 Billion Dinars From The Federal Government

A member of the Finance Committee in the Parliament of the Kurdistan Region, Sabah Hassan, confirmed today, Thursday, that the amount of 400 billion dinars, which the federal government sent a month ago, had not arrived to the regional government.

Hassan said to (Baghdad Today) that "the amount of 400 billion dinars did not reach the region, but the federal government has no problem with it and placed it in the accounts of the regional government inside the Commercial Bank."

And that "simple administrative procedures delayed sending the amount, but the regional government will receive it next week as a maximum, in order to complete the distribution of employee salaries in full."

On December 13, 2022, the Council of Ministers announced that the Ministry of Finance had disbursed an amount of 400 billion dinars to pay the dues of the Kurdistan region.   Edit: G. F   LINK

Iraq Ends 2022 By Importing Turkish Goods Worth 10.5 Billion Dollars

2023-01-12  Yes Iraq: Baghdad   Today, Thursday, the Turkish Exporters Council announced the final volume of Turkish exports during 2022, while Iraq came to the list as the most importing country in the Middle East, with $10.5 billion.

Turkish exports to the Middle East and Gulf countries grew by 17.8 percent over the past year, with revenues of $34.2 billion.

In second place, Israel came with $3.7 billion, then the UAE with $2.4 billion. Syria imported $1.5 billion from Turkey last year, while Qatar’s imports amounted to $1.4 billion, and Saudi Arabia’s imports amounted to $949.6 million.

As for Jordan, the value of Turkish exports to it amounted to 872.9 million dollars, and to Kuwait 636.5 million dollars.

On a related note, Saudi Arabia topped the countries in the region that witnessed its imports from Turkey, the largest growth rate during 2022, by 400.3 percent.

It should be noted that Turkey's total exports to the Middle East and Gulf countries amounted to $29 billion in 2021.   LINK